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Transition Therapeutics Announces Fiscal 2007 Year End Financial Results

TORONTO, Sept. 12 /PRNewswire-FirstCall/ - Transition Therapeutics Inc. ("Transition" or the "Company") (TSX: TTH, NASDAQ:TTHI) a product-focused biopharmaceutical company developing therapeutics for disease indications with large markets, today announced its financial results for the year ended June 30, 2007.

Selected Highlights


During fiscal 2007 and up to the date of this press release, the Company achieved the following significant milestones:

ELND005/AZD-103 - Alzheimer's Disease:


- Clinical Data Results: On August 30, 2007, the Company Announced

Completion of Multiple Phase I Clinical Studies with Alzheimer's

Disease Drug Candidate ELND-005/AZD-103. ELND-005/AZD-103 was safe

and well-tolerated at all doses and dosing regimens examined. There

were no severe or serious adverse events observed. ELND-005/AZD-103

was also shown to be orally bio-available, cross the blood-brain

barrier and achieve levels in the human brain and CSF that were shown

to be effective in animal models for Alzheimer's disease.

- FDA Granted Fast Track Designation for Alzheimer's Disease Drug

Candidate ELND-005/AZD-103 which is being developed in collaboration

with Elan Pharma International Limited ("Elan") for the treatment of

Alzheimer's disease.

- Transition and Elan signed a US$200 million global collaboration

agreement to develop and commercialize the Alzheimer's disease

product, ELND-005/AZD-103. Under the terms of the agreement,

Transition has received an upfront payment of US$7.5 million and will

receive an additional upfront payment of US$7.5 million in calendar

2007. Dependent upon the successful development, regulatory and

commercial launch of ELND-005/AZD-103, Transition will be eligible to


SOURCE Transition Therapeutics Inc.
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